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FOREX: Early Trends Favor USD

FOREX
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Early Tuesday G10 FX dealing is skewed in favor of the USD. The BBDXY index is up close to 0.10%, last near 1282.1.  Intra-session highs from Monday were at 1284.67. Cycle highs from Nov 22 rest just under 1295. 

  • We are seeing some slight underperformance from NZD and JPY in the first part of dealings, but aggregate moves are modest. NZD/USD was last just under 0.5880, off close to 0.15%. Earlier data showed improving terms of trade, but weak goods export volumes.
  • AUD/USD is off slightly to 0.6470/75. The final partials ahead of tomorrow's Q3 GDP print have been released. Net exports added 0.1ppts to growth, below the 0.3ppt forecast. Government spending added 0.7ppts to growth though. The current account deficit for Q3 was wider than forecast.
  • USD/JPY has ticked up to 149.85/90, off around 0.20% agaisnt the yen. US Tsy yields have opened up close to unchanged at the front end, slightly firmer toward the back end. US equity futures are close to flat.
  • EUR/USD is holding under 1.0500.
  • Looking ahead, the data calendar is largely empty for the remainder of today's Asia Pac session. 
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Early Tuesday G10 FX dealing is skewed in favor of the USD. The BBDXY index is up close to 0.10%, last near 1282.1.  Intra-session highs from Monday were at 1284.67. Cycle highs from Nov 22 rest just under 1295. 

  • We are seeing some slight underperformance from NZD and JPY in the first part of dealings, but aggregate moves are modest. NZD/USD was last just under 0.5880, off close to 0.15%. Earlier data showed improving terms of trade, but weak goods export volumes.
  • AUD/USD is off slightly to 0.6470/75. The final partials ahead of tomorrow's Q3 GDP print have been released. Net exports added 0.1ppts to growth, below the 0.3ppt forecast. Government spending added 0.7ppts to growth though. The current account deficit for Q3 was wider than forecast.
  • USD/JPY has ticked up to 149.85/90, off around 0.20% agaisnt the yen. US Tsy yields have opened up close to unchanged at the front end, slightly firmer toward the back end. US equity futures are close to flat.
  • EUR/USD is holding under 1.0500.
  • Looking ahead, the data calendar is largely empty for the remainder of today's Asia Pac session.